How Artificial Intelligence is Revolutionizing the Banking Sector: The Applications and Challenges

Artificial Intelligence (AI) has emerged as a transformative technology with the potential to revolutionize various industries, including banking. The study provides an overview of the applications and challenges of AI in the banking sector. It highlights the significant impact of AI on improving operational efficiency, enhancing customer experience, and enabling more accurate risk assessment and fraud detection. The study also explores the growth of machine learning algorithms and overview of Application Programming Interface (API)-driven banking ecosystems. However, the adoption of AI in the banking sector also presents certain challenges, such as data privacy and security concerns, ethical considerations, and the need for effective regulation.